Category: 01. Introduction

How does Bitcoin have value?

It is the common consensus, belief and the perception that gives value to the bitcoin. All the participants in this system have consensus on the following − immutability and integrity of the blockchain security and validity of the payments rules of the system Bitcoin was the first practical implementation...
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Bitcoin Transactions

We shall now see how a new block of bitcoin transaction is created. A bitcoin miner creates a block by using the following steps − Gathering pending transactions, preferentially those with transaction fees first, and then the free ones Verifying the transactions for their validity Solving a hashing problem...
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History of Bitcoins

The first Bitcoin protocol and proof of concept was published in a Whitepaper in 2009 by a shadowy individual or group under the pseudonym Satoshi Nakamoto. Eventually Nakamoto, who remained mysterious, left the project in late 2010. Other developers took over and the Bitcoin community has since grown exponentially....
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How does Bitcoin handle double spending problem?

For digital cash system, a payment network necessarily should have valid accounts, balances and transaction records. The biggest bottleneck common to every payment network is the double spending problem which is the case when same money is used multiple times to do transactions. To prevent double spending, all transactions...
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How to use Bitcoins?

We can make bitcoin transactions as we do with our familiar fiat currencies. While we use Bitcoin, the purchaser is actually referenced to our digital signature, which is a security code encrypted with sixteen different symbols. The purchaser decrypts the code with his device to get the cryptocurrency. Therefore...
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Intro

Bitcoin emerged out of the 2008 global economic crisis when big banks were caught misusing borrowers’ money, manipulating the system, and charging exorbitant fees. To address such issues, Bitcoin creators wanted to put the owners of bitcoins in-charge of the transactions, eliminate the middleman, cut high interest rates and...
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